RWA, DeFi & DePIN Leaders

Crypto never stops, and 2025 is no exception. Headlines often focus on big names, but some of the most underrated crypto assets are hidden in a way that is inconspicuous. These are projects that build authentic products, attract users and shape the future of Defi. But their market capitalization doesn’t tell the perfect story. This article highlights a few underrated crypto coins that can offer massive possibilities as the market catches up to their foundations.

What does “undervalued” token mean?

When talking about underrated crypto tokens, we mean assets whose market prices still do not reflect actual utility, adoption, or future possibilities. Undervalued cryptocurrencies may already indicate strong network growth, stable revenue, or innovative technology, but their market capitalization remains low compared to peers. In 2025, investors often look for these undervalued crypto coins as an opportunity to gain value before the broader market reaches.

In reality, undervaluations are usually presented as a gap between price and foundation. Usage metrics, protocol revenue, ecosystem growth, or the size of the market the project is dealing with. Finding the most underrated cryptocurrency of 2025 means identifying projects where adoptions are rising faster than valuations, giving long-term holders an attractive entry point.

Current Unundervalued Cryptocoin by Changelly

Data collected on September 30, 2025.

ondo (ondo): RWA distribution layer

Ondo Finance is one of the leading players in the tokenized Treasury market, building a railroad that connects US government bond yields with crypto and native investors. Its flagship product is USDY, a tokenized US Treasury Fund provided to qualified buyers and a stable coin of yields for non-US investors supported by the Treasury Department and bank deposits.

In 2025, Ondo became the first protocol to integrate BlackRock’s Buidl fund as product collateral, enhancing the system’s reliability and liquidity access. Buidl itself has since been expanded across multiple chains and has been accepted as collateral for trading venues such as Deribit and Crypto.com. As of mid-2025, Ondo reported that over $690 million was locked across its tokenized financial products, solidifying its position at the forefront of real-world assets (RWA) adoption.

Why is it underestimated?

• RWA Leadership. Ondo is one of the largest tokenized Treasury distributors with early integration into institutional liquidity like BlackRock’s Buidl.
• Institutional adoption. The acceptance of Buidl as exchange collateral indicates the direct route for Ondo’s assets to enter derivatives, prime brokerages and payment flows.
• Probability of revenue. USDY increases yields due to growth in redemption value, making it more capital efficient than fixed-rate stubcoins.
• Macro tail wind. High US interest rates are driving demand for harvested stubcoins and tokenized Treasury Department.
• Market capitalization vs. Tam. With a market capitalization of $2.8 billion (September 2025), Ondo is smaller than the trillion US Treasury market.
• Token unlock transparency. Supply concludes with 10B Ondo with a clear vesting schedule, reducing uncertainty regarding future dilutions.

Ethena (ENA): Synthetic Dollar Cashflows

Ethena is the protocol behind USDE, a synthetic dollar supported by a delta neutral strategy. It pairs spot holdings (stable house and liquid staking token) with short permanent positions for central exchange. This creates stubcoins that track US dollars without relying on traditional banking infrastructure.

Read more: What are Stablecoins?

Users can also bet on USDE to receive SUSD. SUSDE distributes cash flows with funding rates and profit-benefitted. By mid-2025, Ethena’s USDE supply exceeded $12 billion, becoming one of the fastest growing Stablecoin systems in crypto. The growth of the protocol coincides with an increase in dollars that bear on-chain yields, providing investors with exposure to actual cash flows in crypto form.

Why is it underestimated?

• Explosive adoption. USDE supply expanded from under $3 billion in early 2024 to more than $12 billion in mid-2025, showing strong demand for the synthetic dollar.
• Cash flow mechanic. Yields come from earning funding rates and rewards, making the ENA one of the few tokens tied to actual revenue streams.
• Diversification values. Unlike Fiat-backed stubcoin, USDE doesn’t rely on US banks or custodians, and appeals to users who are aware of the risks of counterparties.
• Ecosystem integration. USDE is increasingly adopted by the Defi protocol for lending, liquidity provision and collateral, and will deepen the utility.
• Market positioning. With a market capitalization of $3.7 billion (September 2025), ENA is below its potential, taking into account rapid growth and Stablecoin Tam.
• The tail is priced. Though hedge concentrations in some exchanges are still a concern, the market may be overclassifying this in comparison to adoption speed.

Jupiter (JUP): Solana’s Router Economics

Jupiter is the largest distributed exchange (DEX) aggregator on the Solana blockchain, serving as the main routing layer for swaps for automatic market makers (AMMs) and private liquidity venues. It holds the position of Solana Defi as “SuperApp” and provides users with deep fluidity and access to efficient routing.

In 2025, the protocol solidified its advantage, achieving a 21% market share for Solana’s Defi TVL. DAO also reduced the total supply of JUP to 10B in January 2025, tightening Toconemics and reducing long-term dilutions. Despite the continued trading volume, Jup tokens have been in poor price performance until 2025.

Why is it underestimated?

• market share. Jupiter consistently controls most of the Solana Dex Flow, with an aggregator advantage of over 80%, and is a strong moat that is highly routing.
• Getting fees. Defilama’s data shows stable protocol revenues and demonstrates the actual cash flow potential associated with the volume.
• Growing private AMMs. Over 40% of Jupiter’s volumes are currently routed through private AMMs such as Solfi and Meteora, increasing efficiency and otherwise gaining MEVs.
• Token supply cut. A reduction in total supply to 7B JUP reduces the risk of inflation and reduces the integrity of signal governance with holders.
• Ecosystem tailwinds. Solana’s Dex activity remains high in 2025, and Jupiter has given it a continuous flow for monetization.
• Relative evaluation. With a market capitalization of $1.35 billion (September 2025), Jup looks smaller than Solana’s liquidity bed control.

Pyth (Pyth): Oracle Adoption vs. Market Cap

Pyth is “Pull” Oracle Network. Instead of pushing constant updates, the smart contract responds to on-chain requests (usually price supply) of data at the moment when they need them. In the second quarter of 2025, Pyth secured a total of $5.31 billion (TV), up 4.8% per quarter. In the same quarter, it handled 648,240 price updates (an increase in QOQ of 10.8%) and published cumulative updates of 759 million.

Pyth recently launched Pyth Pro, a subscription service offering cross-asset market data (Crypto, Equities, FX, Commodities), with the aim of expanding the institution’s data revenue base. Pyth was also chosen by the US Department of Commerce to publish official macroeconomic statistics (such as GDP) on blockchain, highlighting its reliability as an infrastructure.

Why is it underestimated?

• Low market capitalization for use. Pyth TV growth and update activity is more than doubled in ratings compared to legacy Oracle Networks (e.g. ChainLink) in some analyses.
• Institutional and government support. Publishers of new institutions like the US Department of Commerce Integration (Disclosure of Macroeconomic Data) and Sygnum enhance the real-world narrative of Pyth.
• Monetization pivot. The launch of Pyth Pro shows a shift towards subscription-based revenue rather than purely used pricing.
• Growth of cross-chain and premium feeds. Recent integrations (FX, stocks, emerging market currencies) expand demand beyond just crypto.

Helium (HNT): Depin User Growth → DC Burns

Helium has evolved from an IoT coverage network to a full-fledged distributed wireless service via Helium Mobile. In addition to rewarding hotspot operators, the network also uses tokens to link them directly. All dollars in subscriber revenue are converted to data credits (DCS) that can only be created by HNT burning. This design directly links mobile adoption to the rarity of tokens.

Growth was strong. By the second quarter of 2025, Helium Mobile had over 311,000 subscribers, offloading over 2,700 TB of data, expanding its career partnership with AT&T in the US and Telefónica in Mexico. Daily DC burns have almost doubled over the quarter, reflecting an increase in real-world usage and a clear shift towards token demand, which is locked in revenue.

Why is it underestimated?

• Burns caught on revenue. With 100% of mobile revenue burning in DCS, actual use directly drives the shortage of tokens.
• Explosive growth of subscribers. Accounts rose 94% in the second quarter of 2025, indicating strong recruitment momentum.
• Career partnership. Integration with mainstream communications with AT&T and Telefónica Embed Helium.
• Simplified Toconemics. HIP-138 connects subnet tokens to HNTs, reducing complexity and making value clearer.
• Cut at price. Despite growth in users and usage, HNT has experienced a significant year-over-year decline.
• Decentralized infrastructure trends. As Depin’s story gains traction, helium already shows live usage rather than promise.

Arweave (AR): AO expands beyond storage

Arweave is best known for its “Permaweb,” a decentralized storage system in which data is stored forever with a one-time payment. In February 2025, AO (Arweave Orchestrator) was released. This is a new parallelized computational layer that allows developers to run smart processes on top of storage. AO allows applications to combine persistent storage and distributed calculations, AI opening use cases, high-performance computing, and complex on-chain workflows.

Ecosystems projects have since started building on AOs, including teams exploring infrastructure providers and AI agents that rely on persistent data history. AR prices fell sharply in 2025, but the technology positioning of the network addresses a much larger market than distributed storage alone.

Why is it underestimated?

• Technology shift. AO converts Arweave from a niche storage chain to a computing-enabled platform with much wider applications.
• Early movers. Arweave offers the advantages of a first-mover in combining persistent storage with scalable calculations.
• Ecosystem expansion. Developers and infrastructure teams are building AO-based pipelines and AI-focused workloads.
• Market cutting. Despite the launch of AO, the market capitalization of AR has declined, indicating an undervaluation of investors.
• AI and HPC provide a tailwind. Increased demand for data persistence and computational adjustments could place AO as a unique infrastructure layer.
• Sustainability. Arweave’s one-time payment model of storage still distinguishes itself from pay-as-you-go competitors like Filecoin.

The final words

The idea that “undervalued” in code is always relative. The market moves fast and the story changes overnight. Still, looking at projects with real users, growing revenue, and technology that solves clear problems is worth paying attention. Ondo, Ethena, Jupiter, Pyth, Helium, and Arweave may not all move at the same pace, but each shows that their long-term potential is greater than today’s market capitalization suggests.

Disclaimer: Please note that the content of this article is not financial or investment advice. The information provided in this article is the opinion of the author only and should not be considered to provide any trading or investment recommendations. We do not guarantee the completeness, reliability or accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Investors, traders, or regular crypto users should research multiple perspectives and become familiar with all local regulations before committing to an investment.